If ad-hoc was correctly initialized, will this allow me to configurate the wvlan0 interface on, say 192.168.0.4, keeping my ethernet adapter on 192.168.0.1 and be able to ping sucessfully to another ad-hoc wavelan adapter running WIN95? My goal is to get IP Masq going through the Wavelan/IEEE interface. This works fine on the ethernet interface now.

Dave suggested that I have a routing problem, so I configured the wvlan0 interface on another subnet - 192.169.1.1. Is this unecessary with ad-hoc mode?

No, your problem is with routing, not with the selection of ad-hoc
mode. (that is confirmed by the fact that the interface works fine
with the same wireless settings when you put it on a different subnet)
-- Dave